Labuan ramps up efforts to complement S'pore

Singapore

LABUAN International Business and Financial Centre (IBFC), Malaysia's offshore financial services centre located near Sabah, is positioning itself to complement Singapore in the areas of oil trading and wealth management.

For the former, this is in the form of a tax incentive programme launched four years ago, while for the latter, it is in the form of laws that enable wealth managers and relationship advisers to use foundations as part of their offerings.